Outside Source
The Open Network (TON), a layer-1 blockchain linked to the social platform Telegram, has attained a new milestone in its history.
According to data from a CryptoQuant analyst, the L1 blockchain reached 100 million unique wallet addresses with non-zero balances. This marks a 95% surge in active users since the start of the year, which was “only” 4.3 million.
What’s Behind TON’s Growth?
TON’s surge in active users stems from its ties with Telegram. Although the social messaging platform initially created the TON blockchain under the name Telegram Open Network, plans to integrate it into its ecosystem fell through, forcing the abandonment of the blockchain project. A new team of developers picked up from where it left off.
Telegram revived its interest in TON in September 2023, launching its crypto wallet on the L1 blockchain. Fast-forward to this year, and various tap-to-earn gaming projects began emerging on Telegram. The catch was that players would perform specific tasks to earn tokens claimable via the TON mainnet.
One of the first clicker games to debut on the L1 network was Notcoin, which attracted millions of users. Other projects, such as Dogs and Hamster Kombat, soon emerged, capturing the attention of millions of people. More Telegram-based games have flooded the social app, welcoming more users to join their ecosystems.
CryptoQuant analyst stressed that Telegram’s ties with TON have helped onboard millions of users into the crypto industry.
Will Price Follow?
Despite TON’s latest milestone, the network’s native coin, Toncoin, has failed to impress recently. At the time of writing, the coin sold for $5.19, representing a 1.4% price decrease within the past 24 hours. The current price is a 37% drop from its all-time high of $8.24, seen in June 2024.
Last month, CryptoPotato reported that 80% of Toncoin holders are at a loss due to the coin’s sharp decline. The crypto asset will likely once again see price increases as its ecosystem grows and leading cryptocurrencies like Bitcoin unlock higher prices.
This article first appeared at CryptoPotato
